Guideline Value for OTTHAVADAI STREET

Otthavadai Street guideline value

The current guideline value of Otthavadai Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Otthavadai Street has changed

Since the 2007 revision, the guideline value of Otthavadai Street has seen significant changes. In 2007, the value was Rs 1,100 per sq.ft, which increased to Rs 4,500 per sq.ft in 2012, marking a rise of 309%. However, between 2012 and 2017, the value decreased to Rs 3,015 per sq.ft, a drop of 33%. The value then increased substantially to Rs 4,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 4,900 per sq.ft, representing a 9% increase from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 345%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Otthavadai Street is below this median.

• Otteri Nullah: Rs 4,900 per sq.ft (2024)
• Ormes Street & Road: Rs 13,200 per sq.ft (2024)
• Ormes Road 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 1st Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Otthavadai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Otthavadai Street?

The Sub Registrar Office that covers Otthavadai Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for additional assistance.

How the guideline value is used when you buy or sell in Purasaivakkam

The guideline value plays a crucial role in property transactions in Purasaivakkam. It is used as a basis for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Otthavadai Street?

The current guideline value of Otthavadai Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,100 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, showing an overall increase of 345% over this period.

What is the land classification for Otthavadai Street?

Otthavadai Street is classified as Residential Class III Type - II according to the land classification standards.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Otthavadai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.